I think I am very close and still far away...

flylife

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Hello everyone,

First I am sorry for my written English. I was born in a non-English speaking country.

I've been playing with the Forex for more than 6 years now and I am still in a negative balance.
First experience was to fund an account with 1000$ and lost it all in one night. After that I've decided that I need to learn. I went to some courses and I've watched the charts almost every
day for 3 years without placing a trade or trading with a virtual account. Just watching the charts, every single day after work I was looking at the price and trying to figure out it what
was doing. After three years of doing that I've funded my account with 100$ and I've made 1800$ in three weeks. Then I gave it all back in one week, including my 100$.

Took a break of few days and funded the account again with 100$ and made another 1200$ in two weeks.

Long story short I've done this many times :).


The biggest winning streak I was able to have 77 winning trades in a row with an average of 10pips and only one breakeven in the middle at some point but then again gave back everything.

The biggest losing streak was maybe 8 loosing trades in a row.

How I trade: I only trade the price. I only have one moving average and Pivot Points on the chart but I am watching that pair on 10min, 15min, 1h, 4h and daily.
I don't have a strategy. I only trade what I see the price it is doing. I think those three years of watching the charts helped me a lot.
I am watching support and resistance zones, I am trading with and against the trade. I am trying to understand the psychology behind that price movement and most of the times when people ar
Buying I am a seller and reverse.
I am not gambler and I always think when I trade and know why I placed that trade. I know the stop and target.
I only trade 1 mini contract


I have a 30 pips stop and I my targets are 5-10-15-20 pips plus the spread. I know some will say this is wrong but a I have a very high
Hitting rate and I think this works really well.


Why I am still in a negative balance? :

- When I am trading very well I am in a very good mental state
- The better I trade more overconfident I become.
- When overconfident I don't accept loosing trades (this is very wrong) and I am getting very upset because is interrupting my winning streak
- When getting upset I want revenge and the everything falls apart and I am breaking all my rules
- Moving stop
- Not taking my normal winning, I want to more to recover my loss
- No accepting that loss and move on
- adding to a losing trade
- leaving trades overnight
- Then I get bigger losses
- Then I am frozen and not getting out
- My whole concentration is gone
- I became frustrated because I can't get back to my normal state

All my losses happened in less than a week

Then I go away for 2-3 days, I like to go fishing, then "I format the Hard Drive" and start fresh again on Monday.

Interesting is that I am able to start all over again and forget about all trouble and get again in a normal state :)


My advices for beginners:

-Never give up
-Look at the charts until you dream charts :)
-Start small with 100$ and start with 1 mini contract, don't start with micro contracts (they won't keep you motivated) and don't trade virtual accounts (they are not real)

I think it is possible to make money scalping, I think I am very close and still far away :) . I need to recognise when I am in a bad mental state and not trade.

I will never give up.

My question is, are any traders put there who went to a similar experience?. Hod did you manage to fix your "errors"? Any advice you can give me?

I asked TheRumpledOne to give me his indicators but no luck yet. I am not using indicators for my trading decisions but from the pictures that I've seen he has an
indicator like a matrix that shows the direction , or the trend in different time frames and can make my life easier and I don't have to have open different time frames.
Looks like this:

Never Lose Again!! TheRumpledOne - Page 10 - Traders Laboratory - 4859

Any idea where I can find a similar indicator for TradeStation?

Any question, I am happy to answer.

Thanks for reading!
 
You are not a gambler, but you don't have a trading plan? So what makes you a trader then? Just curious.
 
I do have a trading plan until I lose. I am trading the price. We are all traders if we are buying and selling for a profit isn't it?
As i said "I only trade the price. I only have one moving average and Pivot Points on the chart but I am watching that pair on 10min, 15min, 1h, 4h and daily.
I don't have a strategy. I only trade what I see the price it is doing. I think those three years of watching the charts helped me a lot.
I am watching support and resistance zones, I am trading with and against the trade. I am trying to understand the psychology behind that price movement and most of the times when people are
buying I am a seller and reverse"
 
My trading plan consist of only 3 factors: mind, method and money. All equally important.

Mind includes being aware why I go through all these efforts and torture of learning, and about controlling my emotions before, during and after trading and sticking with my plan,
Method consist a strict plan with entry rules etc.
Money includes the management, meaning stop loss, daily targets / max losses.

This helps me in good, but also in bad times, when i feel like over-confident ( I know where you talkin about:) )

My plan is all typed up. Meaning visual to me. Bottom line is, when writing a plan / strategy, you are forced to think about the most critical forces that come along with trading. Which was an eye opener to me. Hope this helps.

Happy trading.
 
Sounds like you're just taking punts in the market and haven't thought about the maths. First trade just put the minimum on, bank some profits and build a cushion and slowly increase your size with winning trades when you're trading well. When you're not trading well, back to minimum size. Slowly slowly, catch a monkey as they say.

You shouldn't be blowing your account out with a few trades. Preserve your monetary and mental capital. Someone once told me the emotional response of a losing trade is three times greater than the emotional response of a winning trade. If you're blowing accounts out, you're not only throwing good money after bad, but you're also depleting your will power and confidence, which is just as bad.
 
The biggest winning streak I was able to have 77 winning trades in a row with an average of 10pips and only one breakeven in the middle at some point but then again gave back everything.

The biggest losing streak was maybe 8 loosing trades in a row.



the answer is in the above my friend .......
 
Hi Flylife,

My trading seems to have a very similar structure, up and down, up and down. I have to admit once my graphs start going up, i am over the moon, when they go down i go back to learning and trying and learning and trying.
I have a feeling that traders psychology plays a role. When i have a bit of free time i ll browse for some literature on the subject. I will let you know if it helps.

Safe trading


Hello everyone,


The biggest winning streak I was able to have 77 winning trades in a row with an average of 10pips and only one breakeven in the middle at some point but then again gave back everything.

The biggest losing streak was maybe 8 loosing trades in a row.


Thanks for reading!
 
Or, you could simply post like this until you have 15 posts and then talk to the people you really want to :)
 
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